According to Sallie Mae, the nation’s leading provider of federal and private student loans, college students have increasingly joined the ranks of Americans facing credit and debt problems.
A study published in 2009 by Sallie Mae shows that the percentage of undergraduate students that have at least one credit card has increased by 12% from 76% in 2004, to 84% in 2009. Many students have used credit card for expenses directly related to their education such as books, necessary school supplies, and other school costs. The average  total education expense charged by undergraduate students included in the poll was $2200.00. The average balance was $3,173.00. The average outstanding balance on graduate student credit cards is $8,612.00.
Considering that the average student loan debt to obtain a Bachelor’s degree is in excess of $17,000, this means that recent graduates enter the workforce with accumulated debt (credit card and student loan combined) upwards of $20,000, a total that is higher than many adults that have been working at their careers for many years. This is an alarming trend as the children of the baby boomer generation begin the battle to achieve their own financial independence.
Getting debt under control is imperative to America’s young people. For some, budgeting carefully while in college and in the lean years following graduation will be enough.  For others, debt counseling and debt consolidation may be a more viable option to make a struggling future less difficult. Each new graduate should take the time to plan to not add to their current debt and reduce amount they owe as quickly as possible. Exploring all the options available to them should be an important first step in the recent graduate’s new life.
